Life insurance is a crucial investment and one of the best financial decisions as an adult can make. It ensures that money is available for your loved ones left behind in the event of your death. Nobody wants to die, but you cannot ignore the reality that death is inevitable.
There is nothing you can do to avoid the inevitable, but the peace of mind you get from knowing that your family will be well taken care of in the event of your death is understated. There is a lot of information on the internet about life insurance. If combing through all of it to find one that works for you seems daunting, fret not, we are going to give you pointers on what to look out for.
You want an insurance cover that caters to different age groups of people, people in high-risk jobs like firefighters, people living with cancer or HIV and, people dealing with lifestyle diseases such as alcoholism. A good place to start is www.insurancehero.org.uk which has all the above and goes a step further by including the LGBT community among those who get specialized policies.
Ensuring that your life insurance checks all the above boxes is important. You can be confident that it is the right option for you and also recommend it to friends or family without hesitation.
With that said, here are 6 reasons why you need to apply for life insurance today:
1. College fund
The student debt crisis is at an all-time high. The reality is that many students simply cannot afford the tuition many colleges wish to charge. That leaves them with only one option – seeking out student loans. By the time they graduate, they have huge amounts that they have to pay back.
The most distressing part about all of this is that they are not guaranteed they will get jobs that pay them enough to clear the student loan in a reasonable timescale. Taking up life insurance that your children can use to go to college will boost them massively in their young adult life.
2. To pay off any outstanding debts
Car loans, credit card, and mortgage payments are just some of the outstanding debts your grieving family may be left with should you suddenly pass away.
Picture a situation where creditors are trying to auction things to recover their money. In addition to the emotional loss, this may overwhelm the surviving members of your family.
Life insurance ensures your family is protected from any such occurrences.
3. To leave an inheritance
Some of the world’s richest people have had the fortune of inheriting a good amount of money from their parents. They then used this money to make sound financial investments that catapulted them to the positions they now enjoy. You too could set up your child to be in a strong position to be in this category of people by applying for life insurance.
4. Replace lost income
The days of depending on only one income in the household are long gone. The demand for equality in the workplace and society, in general, has seen many domestic partners going out of their way to acquire the skills needed to join the workforce. As a result, losing an income from one partner could have detrimental effects to a household. Having a life insurance ensures that you are able to cope with this financial loss.
5. Burial expenses
Let’s face it. Burial expenses can be very costly. Trying to fundraise for a funeral when you are grieving is not a situation anyone wants to be in. With a proper life insurance, you can plan, or delegate the planning to someone else, knowing very well, there is enough money to cover the funeral expenses.
6. Life insurance is affordable
One of the reasons people do not sign up for life insurance is they think they will be parting with huge amounts of money every month. In fact, in you ask anyone in your group, this will almost always be the reason.
Guaranteeing the financial security of your loved ones should be among the top priorities of an individual. They love and support us throughout our lives, and we can do the same even when we are no longer around. Do this today by signing up for life insurance.